Singapore a potential claimant from loss, damage financing: Grace Fu
Janice Lim
SINGAPORE could be a potential claimant from loss and damage financing, on the basis that it is still classified as a developing country at international negotiations.
However, Sustainability and Environment Minister Grace Fu noted that details on the loss and damage fund, such as the countries contributing to it and how developing countries will draw from it, are still being worked out, as a transitional committee is due to be set up.
“Singapore belongs to (the side of) developing countries and we stand as a potential claimant from this loss and damage fund,” she said on Friday (Feb 24) in Parliament.
Fu was responding to a parliamentary question by Member of Parliament for Aljunied Group Representation Constituency Leon Perera, who kept pressing the minister for an answer on whether Singapore will be contributing to the fund. Governments had agreed to establish it during the annual climate change conference, more commonly known as COP27, in November last year.
“We have not even had the chance to discuss this internationally, and we have to decide whether we will contribute or we will claim from this fund,” she said in response to the Workers’ Party member.
Developing countries had, for decades, been pushing for a loss and damage finance facility funded by richer countries to be set up. The rationale was that developed countries, which have been the biggest carbon emitters, should provide financing for developing countries that often suffer the brunt of the destructive effects of climate change – even though they contribute the least to global emissions.
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Singapore sits in a unique position given that, while it holds developing-country status, it is actually a highly developed economy.
Fu pointed out that Singapore is dedicating its own financial resources of up to S$100 billion in adaptation measures.
She also noted that small island states, such as Singapore, are disproportionately affected by sea-level rise, and are at risk of submergence by the century’s end, if nothing is done to prevent it.
“Such scenarios present an urgent need to channel financial resources towards building adaptive capacity and addressing loss and damage. We were therefore pleased that developed countries agreed to support this call at COP27 last year,” the minister said, adding that Singapore will be engaging constructively with the transitional committee.
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